RI TRANSPARENCY REPORT

2017 Bloomberg L.P.

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About this report

This report is an export of the individual Signatory organisation responses to the PRI Service Provider Reporting Framework during the 2017 reporting period. It shows your responses to mandatory indicators, as well as responses to voluntary indicators that your organisation has agreed to make public. You will be able to access the public RI Transparency report of your organisation and that of other signatories on the PRI website.

The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is an Index which highlights where the information can be found and summarises the indicators that signatories complete and disclose.

Understanding the Index

The Index summarises the response status for the individual indicators and modules. It can be used by stakeholders as an ‘at a glance’ summary of reported information and to identify particular themes or areas of interest.

All indicators within a module are presented below. The status of indicators is shown with the following symbols:

Symbol Status

 The signatory has completed all mandatory parts of this indicator

 The signatory has completed some parts of this indicator

 This indicator was not relevant for this signatory

- The signatory did not complete any part of this indicator.

 The signatory has flagged this indicator for internal review

Within the table, indicators marked in blue are mandatory to complete. Indicators marked in grey are voluntary to complete.

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Index Organisational Overview

Indicator Short description Status Disclosure OO 01 Basic information  Public OO 02 Reporting year  Public OO 03 Signatory category and services  Public OO 03.3 Signatory category and services  Public OO 04 Other offerings/business activities  n/a Asset mix OO 05 Breakdown of ESG coverage  disclosed in OO 06 OO End  -

Strategy and Governance

Indicator Short description Status Disclosure SG 01 Responsible investment policy  Public SG 02 Publically available policies  Public SG 03 Norms used to develop policies  Public SG 04 Policy offerings to clients  Public SG 05 ESG/RI in business offerings  Public SG 06 Outsourcing of services  Private SG 06.2 Outsourcing of services  Private SG 07 Providing training/education  Public Level of involvement in collaborative organizations SG 08  Public and/or initiatives SG 09 Applying, advancing and promoting the PRI principles  Public SG 10 Actions taken to promote responsible investment  Public SG 11 Long term trends  Public SG 12 Business certifications/accreditations  Public SG 13 Interaction with asset owners  Public SG 14 Aligning approach with investor goals  Public SG 15 ESG recommendations not aligned with investor goals  Public SG 16 Seeking feedback from clients  Public SG 17 Managing conflicts of interest  Public SG End  -

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Research and Data Provision

Indicator Short description Status Disclosure RDP 01 Product type  Public RDP 02 Sources for research and/or rating  Public RDP 03 Stakeholder input  Public RDP 04 ESG factors in research methodology  Public RDP 05 Material ESG issues in research and/or rating  Public RDP 06 Up-to-date assessment and ratings  Public RDP 07 Balanced research and assessment  Public RDP 08 Consistency and comparability  Public RDP 09 Emerging ESG issues and trends  Private RDP 10 Client use of outputs  Private RDP End  -

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Bloomberg L.P.

Reported Information

Public version

Organisational Overview

PRI disclaimer This document presents information reported directly by signatories. This information has not been audited by the PRI Secretariat or any other party acting on their behalf. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for any error or omission.

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Basic Information

OO 01 Mandatory Public Descriptive

OO 01.1 Select the location of your organisation’s headquarters.

United States

OO 01.2 Indicate the number of countries in which you have offices (including your headquarters).

 1  2 - 5  6 - 10  11 - 50  >50

OO 01.3 Indicate the regions where you have offices.

 Africa  Asia (excluding Japan & Korea)  Australasia  Canada  Continental Europe  Japan & Korea  Nordic  South America  UK & Ireland  US

Indicate the approximate number of staff in your organisation in full-time equivalents OO 01.4 (FTE).

FTE

18800

Reporting Year

OO 02 Mandatory Public Descriptive

OO 02.1 Indicate the year end date for your reporting year.

31/12/2016

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Signatory category and services

OO 03 Mandatory Public Gateway

Indicate which of the following categories reflect your core offering or main business OO 03.1 activity:

 Reporting  Stewardship Services  Advisory and Consultancy  Research and Data Provision  Other, specify (1)  Other, specify(2)  None of the above

OO 03.2 Indicate whether you wish to report on your core business area(s).

 Yes  No

OO 03.3 Mandatory Public Gateway

Indicate any non-core business activities that your organisation offers. Indicate whether OO 03.3 you wish to report on these business areas.

 Reporting  Stewardship Services  Advisory and Consultancy  Other, specify (1)  Other, specify (2)  None of the above

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Bloomberg L.P.

Reported Information

Public version

Strategy and Governance

PRI disclaimer This document presents information reported directly by signatories. This information has not been audited by the PRI Secretariat or any other party acting on their behalf. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for any error or omission.

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Responsible investment policy

SG 01 Mandatory Public Gateway

Describe how your organisation’s philosophy incorporates environmental, social and SG 01.1 governance factors, and the link to your business offerings.

Since 2007, sustainability considerations have been incorporated into Bloomberg’s overall business strategy and an attitude of continuous improvement permeates our strategic approach as our goals evolve to meet changing needs, risks and opportunities. The Sustainable Business and Finance group reports into the Chairman and is tasked with coordinating stakeholders across the organization to develop and execute the sustainability vision spanning all facets of our organization: product, operations, and philanthropy. 1a. Product (Bloomberg Professional service and Industry Verticals): Bloomberg Sustainable Finance constantly assesses customers' needs and availability of relevant sustainability-related information to provide customers with the best tools to incorporate sustainability considerations into decision-making. Bloomberg expands its offerings in the marketplace for sustainability information each year by conducting proprietary research on emerging issues and by engaging and partnering with leading partners in public, private, academic and NGO sectors. Engagement with partners helps Bloomberg advance the integration of ESG considerations into the investment process and to bring those insights into the Bloomberg Professional service (“the Terminal”). As ESG has become a more relevant investment theme, it has also served as a useful entry point into cross-asset class strategy across business lines. Our green bonds work is an example of bringing together Bloomberg New Energy Finance's (BNEF) specialized research with Bloomberg’s longstanding leadership in fixed income data, analytics and news. 1b. Product (Media): Bloomberg Media includes print (e.g. Bloomberg Businessweek), television, radio, Internet and mobile offerings. These assets create a platform for syndicating coverage and analysis of sustainability issues to different constituencies in business, finance, government and others, providing them with critical insights into both pressing issues of the moment as well as deeper coverage on long- term ESG trends. Bloomberg has several dedicated ESG reporters and publications (e.g., Sustainable Finance Brief, Clean Energy Finance Brief). Bloomberg’s unique strength, however, is its commitment to covering these issues so that they are decision-useful to a broad range of influencers.

2. Operations: Bloomberg’s Sustainable Business Operations sets big picture, company-wide targets (e.g., 20% emissions reduction by 2020 vs. 2007 baseline), collaborates with operating departments to set specific emissions reduction targets and develops strategies for achieving targets, with the goal to mitigate environmental impact internally (our operations) and externally (customers, supply chain).

3. Philanthropy: A portion of our sustainability-related philanthropic efforts are focused on supporting leading standards and methodology development for sustainable finance. We support opportunities that allow us to promote financial integration of ESG, develop the market for ESG data and analytics, improve operational efficiencies, drive thought leadership and leverage the expertise of our partners. Organizations that meet our criteria are supported through grants, sponsorships, and memberships.

Indicate whether you have policies that formalise the incorporation of your beliefs in your SG 01.2 business offerings.

 Yes

SG 01.3 Indicate the components/types of your policy

Policy components/types

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 Policy setting out your overall ESG/RI approach  Formalised guidelines on environmental factors  Formalised guidelines on social factors  Formalised guidelines on corporate governance factors  Other, specify (1)  Other, specify (2)  None of the above

SG 01.4 Indicate how these are put into practice internally across the organisation.

 Regular employee training on RI/ESG  Regular RI/ESG policy awareness building for employees  Establishment of policy review committee/team  Remuneration linked to achieving ESG objectives  Annual performance incentives  Other, specify (1)  Other, specify (2)  Other, specify (3)  Other, specify (4)  No

SG 02 Mandatory Public Descriptive

Indicate which of your policy documents or statements (if any) are publicly available. SG 02.1 Provide the URL and an attachment of the document.

Policy or document name  Policy setting out your overall ESG/RI approach

URL

https://www.bloomberg.com/bcause/

 Formalised guidelines on environmental factors  Formalised guidelines on social factors  Formalised guidelines on corporate governance factors  We do not publicly disclose our policy documents

SG 02.2 Additional information. [OPTIONAL]

We do not have a formal ESG/RI policy; however, Bloomberg has published a sustainability report ("Bloomberg Annual Impact Report") since 2010 that outlines our approach to integrating ESG into our business operations, product strategy, corporate philanthropy and diversity & inclusion efforts.

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SG 03 Mandatory Public Descriptive

Indicate what standards you have used to develop your organisation’s policies. Tick all SG 03.1 that apply.

 UN Principles for Responsible Investment  UN Global Compact Principles  UN Guiding Principles on Business and Human Rights  Universal Declaration of Human Rights  UN Sustainable Development Goals  International Bill of Human Rights  International Labour Organization Conventions  IFC Performance Standards  United Nations Convention Against Corruption  OECD Principles of Corporate Governance  OECD Guidelines for Multinational Enterprises  Other, specify (1) Our policies are developed in accordance with federal, state and local laws.  Other, specify (2)  Other, specify (3)  None of the above

SG 04 Mandatory Public Descriptive

SG 04.1 Indicate whether you offer any of the following policies to clients.

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Off the shelf Tailored

Asset class-specific RI guidelines  

Sector-specific RI guidelines  

Screening/exclusions policy  

Engagement policy  

(Proxy) voting policy  

RI guidelines set out within the Investment Policy Statement (IPS)  

RI guidelines set out in a freestanding RI policy  

Multi-year RI implementation project plan  

Conflict of interest management policy  

Stockbroker allocation policy  

Securities lending policy  

Other, please specify (1)  

Other, please specify (2)  

Other, please specify (3)  

None of the above  

SG 05 Mandatory Public Descriptive

SG 05.1 Describe how you include ESG/RI factors as an integral part of your business offerings.

Business area

Research and Data Provision

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How you include ESG/RI factors

ESG factors can have material implications for a company's long-term financial performance and should be a component of an investment manager's decision-making process. Bloomberg's global ESG product manager, Sustainable Finance product strategists, the ESG data team and Bloomberg New Energy Finance analysts and managers meet frequently with Equities, Commodities, Fixed- Income, Research, News, Index and other product groups to identify and develop products and services that advance sustainable, responsible and impact investment. Formal teams across product groups are created to govern specific products (e.g. a green bonds strategy group that includes BNEF, fixed income and sustainable finance). Product opportunities are informed by clients' needs for tools to inform their investment and business decision-making and to help them identify and evaluate new sustainability-oriented opportunities. These strategic opportunities include ESG data, news, analytics and research on the Terminal, clean energy research and policy and business analysis on Bloomberg industry verticals and media business platforms. Bloomberg also engages/partners with corporates, policy makers, leading sustainability NGOs and researchers to ensure our product development keeps pace with rapidly evolving research on the importance of ESG factors on company performance.

SG 07 Mandatory Public Descriptive

SG 07.1 Indicate whether you provide training/educational services on ESG/RI. Tick all that apply.

 Board/trustee training  Investment manager training

Describe the main components of your training/educational services on ESG/RI and SG 07.2 any variations depending on the group you provide training/education to.

We hold regular seminars at our offices on ESG, ranging from general introductions to in-depth discussion on specific topics and functionality. Users can also request individualized training, demos and support at any time. Our Bloomberg Intelligence ESG Primers help investors easily identify material ESG risks and opportunities, and identify meaningful signals from the noise of sustainability reporting. The HELP function on the ESG page and the Bloomberg ESG home page (BESG) aggregate resources for training on ESG and sustainable finance functionality. This training is provided in the form of videos, webinars, white papers, cheat sheets and news and data-driven examples (called "Functions for the Market") on how to use ESG data and analytics in the context of current market events.

 Other, specify (1) All terminal users

Describe the main components of your training/educational services on ESG/RI and SG 07.2 any variations depending on the group you provide training/education to.

The HELP function on the ESG page and the old Bloomberg ESG home page (BESG) provide training on ESG Functionality. This training is provided in the form of videos, cheat sheets, and market examples (Functions for the Market) on how to use ESG data and analytics in context of current market events. Our Bloomberg Intelligence ESG Primers help investors easily identify meterial ESG risks/opportunities and seperate signals from the noise. Users can also request individualized training, demos, and support at any time.

 Other, specify (2) ESG and Sustainable Finance interested audience outside of Bloomberg's user-base

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Describe the main components of your training/educational services on ESG/RI and SG 07.2 any variations depending on the group you provide training/education to.

We host webinars, conferences, and participate in events to advance mainstream investment management adoption.

 Other, specify (3)  Other, specify (4)  None of the above

SG 08 Mandatory Public Descriptive

Select the collaborative organisation and/or initiatives of which your organisation is a SG 08.1 member, or in which it participated during the reporting year and the role you played.

Collaborative Organisation/Initiative  Principles for Responsible Investment (PRI)

Your organisation’s role in the initiative during the reporting year (see definitions)

 Basic  Moderate  Advanced

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]

Bloomberg hosted the PRI 10 Year Anniversary Celebration in London and New York - Curtis Ravenel, Global Head of Sustainable Business and Finance at Bloomberg interviewed Michael Bloomberg and Mary Schapiro at the 10th anniversary event in New York. Bloomberg also hosted and participated in PRI events in São Paulo, Singapore and Tokyo.  Other collaborative organisation/ initiative; specify (1) Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD)

Your organisation’s role in the initiative during the reporting year (see definitions)

 Basic  Moderate  Advanced

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]

Michael Bloomberg chairs the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD) and Curtis Ravenel, the Global Head of Sustainable Business and Finance at Bloomberg, is a member of the secretariat.  Other collaborative organisation/ initiative; specify (2) Sustainability Accounting Standards Board (SASB)

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Your organisation’s role in the initiative during the reporting year (see definitions)

 Basic  Moderate  Advanced

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]

Michael Bloomberg chairs the Sustainability Accounting Standards Board (SASB). Curtis Ravenel is on the Board and Bloomberg is a key SASB donor. Bloomberg supported SASB’s early research on materiality.  Other collaborative organisation/ initiative; specify (3) Climate Disclosure Project (CDP)

Your organisation’s role in the initiative during the reporting year (see definitions)

 Basic  Moderate  Advanced

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]

Bloomberg is a major CDP donor - we fund the CDP cities and corporate data platforms and the organization’s research efforts. Bloomberg has co-hosted events with CDP staff. CDP data is also available on the Terminal, via ESG .  Other collaborative organisation/ initiative; specify (4) Ceres

Your organisation’s role in the initiative during the reporting year (see definitions)

 Basic  Moderate  Advanced

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]

Bloomberg is a Ceres member, key donor and sponsors the annual conference.  None of the above.

SG 09 Mandatory Public Descriptive

SG 09.1 Describe how your organisation applies, advances and promotes the PRI Principles.

Bloomberg has been a signatory to the United Nations Principles for Responsible Investment (PRI), under the signatory category of "Professional Service Partners", since 2010. Our RI related activities are best illustrated in our sustainability reports available via http://www.bloomberg.com/bcause. Highlights include - Product:

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 The Terminal provides ESG data and tools to analyze ESG performance for 12,000+ companies; we are constantly advancing the sophistication of data, analytics and technology to help investors incorporate ESG issues into their investment analysis and decision-making process.  Bloomberg New Energy Finance (BNEF), the information leader in clean energy technologies and carbon research and analysis enables the investment community to make informed investment decisions to transition to a low carbon economy.  Sustainability information coverage across Bloomberg's print, TV, radio, mobile and web platforms (e.g., Bloomberg Sustainable Finance Brief) helps promote understanding, adoption and implementation of the principles within the investment community. It also empowers clients' active corporate engagement efforts.

External Engagement:  Bloomberg's active engagement with SASB, TCFD, corporates and NGO, policy and academic stakeholders seeks to increase disclosure on ESG issues by issuers in public and private markets and enables the investment community to effectively implement the principles in their decision making process.  Sponsorship and participation in ESG conferences (e.g., PRI in Person) helps educate the investment community and promotes understanding, adoption and implementation of the principles within the investment community.  Bloomberg's market leading sustainability report promotes transparency about ESG activities and demonstrates best practices to other organizations.

Internal Employee Engagement:  The Parnassus Core Equity Institutional Fund was added to the employee 401K plan in 2015 to give employees access to more sustainable investment options and incorporate ESG issues into our ownership policies and practices.  Earth Day last year was focused on raising awareness of SASB and TCFD among Bloomberg employees and help the organization understand materiality of ESG factors on company performance.  Bloomberg's Impact Accelerator program provides an avenue for our employees across departments, businesses and regions to use their skills to work with non-profits and other partners to address social and environmental challenges. ESG project highlights in 2016 include the launch of the Bloomberg Financial Services Gender-Equality Index and participation of Bloomberg analysts and subject matter experts in four SASB industry working groups.

SG 10 Mandatory Public

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Indicate which of the following actions your organisation has taken to promote SG 10.1 responsible investments, independently of collaborative initiatives.

 Provided or supported education or training programmes for clients, investment managers, legal advisers or other investment organisations  Provided financial support for academic or industry research on responsible investment  Encouraged better transparency and disclosure of responsible investment practices across the investment industry  Spoken publicly at events and conferences to promote responsible investment  Written and published in-house research papers on responsible investment  Encouraged the adoption of the PRI  Written and published articles on responsible investment in the media  Policy engagements and other interactions  Other, specify Sponsoring advanced technology approaches to improving actionable sustainability information that is relevant for investors, corporates and other decision makers.  None of the above

SG 11 Mandatory Public Descriptive

SG 11.1 Indicate which of the following long-term trends are addressed in your product outputs.

 Changing demographics

SG 11.2 Explain how this long term trend affects your product outputs.

 The Terminal captures company reported data on workforce demographics where available and normalizes that data so that investors can incorporate it in their investment decision- making processes.  The Terminal covers emerging market companies and we publish thought leadership focused on ESG trends in those markets.  Bloomberg Intelligence publishes several articles on the importance of gender diversity (e.g. "Empowering Women in the Boardroom and Executive Suite", "Companies Need to Go Beyond Boards for Deeper Gender Diversity").  Bloomberg News and Media channels report on the impact of millennials to business and financial markets, especially the growing interest in sustainable and responsible investing.  The Bloomberg Financial Services Gender-Equality Index (BFGEI) was launched in 2016 as a first-of-its-kind reference index to identify and raise the visibility of financial institutions with best-in-class policies and practices in gender equality.

 Climate change

SG 11.2 Explain how this long term trend affects your product outputs.

 The Terminal captures company reported data on emissions and climate change related risks and opportunities, where available; this data is normalized so that investors can incorporate it in their investment decision-making processes.  Bloomberg Intelligence has developed a primer to help investors assess the impact of climate change on investments and regularly publishesarticles on the topic (e.g. "Oil Fate May Echo Coal Demise for Those Delaying Low-Carbon Path") 17

 Bloomberg New Energy Finance users can track and analyze the transition towards a cleaner economy through BNEF's independent analysis, data and tools related to power, energy, transport and new energy technology markets via the Terminal and the BNEF website.  Bloomberg New Energy Finance coverage specifically comprises in-depth research and long- term forecasts on renewable energies, power and utilities, energy smart technologies and storage, transport, gas markets, carbon markets and climate negotiations.  Excel-based analytical models (such as the Portfolio Carbon Footprint Tool, Executive Compensation Analyzer, Corporate Governance Analyzer) and applications on Bloomberg's App portal (e.g. the Investment Carbon Screener) available on the Terminal enable clients to analyze the carbon footprint of their portfolios.

 Resource scarcity

SG 11.2 Explain how this long term trend affects your product outputs.

In addition to the functionality listed above:  We have integrated WRI's Aqueduct data in our MAPS application to integrate water risks in investment decisions.  The Terminal also captures company reported resource consumption and efficiency-related data to support investor decision-making.  Bloomberg Intelligence publishes several articles on the impacts of resource scarcity (e.g. "Africa's Water Challenge May Squeeze Consumers, Industry Growth").

 Technology developments

SG 11.2 Explain how this long term trend affects your product outputs.

 Bloomberg Technology, a "multi-platform brand" launched in 2016, provides in-depth coverage on the latest technology trends and impacts on the business and investment community.  Bloomberg's Data for Good Exchange (D4GX) is a catalyst for the use of data science and human capital to solve problems for the social good. This annual conference builds relationships between data scientists from academia, industry and public sector actors from government and NGOs and encourages them to work together on applying modern machine learning methods to problems in public and non-profit sectors. The D4GX Immersion Day presents the opportunity for university-based data scientists to help select non-profits and municipalities around the world craft a data science strategy that would typically be too costly to perform otherwise. This initiative, executed with NYC Media Lab, builds connections between budding researchers and non-profit leaders who are starting to figure out their data strategy.  Bloomberg Beta, our venture capital arm, has made investments to support building innovative communities, specifically on the "Future of Work" which Bloomberg believes will drive key business and investor decision-making.

 Other, specify (1)  Other, specify (2)  None of the above

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SG 12 Voluntary Public

Indicate whether you have obtained any certifications or accreditations related to ESG/RI SG 12.1 and your business activities.

 Other, specify (1) Environmental Leader awarded Bloomberg’s Water Risk Evaluation Tool (WRVT) the Product of the Year designation.  Other, specify (2) Bloomberg Intelligence's ESG Analyst, Greg Elders, was rated #2 analyst for Socially Responsible Investment (SRI) research in Extel’s Independent Research in Responsible Investment Survey.  Other, specify (3) The Bloomberg Annual Impact Report was recognized for the third time by the Corporate Register (CRRA) in 2016, for innovation in reporting.  None of the above

SG 13 Mandatory Public

SG 13.1 Indicate whether you interact with asset owner clients.

 Yes, we do

SG 13.2 Indicate the typical frequency and type of interactions with your asset owner clients.

Type of interaction  Board of trustee meetings

Frequency

 Daily  Weekly  Monthly  Quarterly  Bi-annually  Annually  Ad-hoc basis  Other, specify  Investment committee meetings

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Frequency

 Daily  Weekly  Monthly  Quarterly  Bi-annually  Annually  Ad-hoc basis  Other, specify  Trustee training workshops  Formal regular meetings outside of committee meetings

Frequency

 Daily  Weekly  Monthly  Quarterly  Bi-annually  Annually  Ad-hoc basis  Other, specify  Informal meetings

Frequency

 Daily  Weekly  Monthly  Quarterly  Bi-annually  Annually  Ad-hoc basis  Other, specify  Other, specify (1) Training and support on how to integrate ESG factors in investment analysis.

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Frequency

 Daily  Weekly  Monthly  Quarterly  Bi-annually  Annually  Ad-hoc basis  Other, specify  Other, specify (2)  Other, specify (3)  Other, specify (4)

Tick boxes across level of employment of investor contact (C-level, PM etc.) and SG 13.3 subject areas typically addressed with the contact(s).

Level of employment  Board members or trustees

Subject area(s)

• Role of Boards in setting expectations and providing oversight to the development of sustainable and responsible investment processes • Evolution of sustainable finance • Data challenges • Product development • Portfolio management process • Uptake of sustainable and responsible investing • Implications of Bloomberg philanthropy funded initiatives such as SASB and the TCFD.  CEO

Subject area(s)

• Role of sustainable business and finance as markers of innovation and value creation • Industry specific use of and reporting on ESG information by business and investment decision makers including discussion of data challenges, product development, portfolio management process, uptake of sustainable and responsible investing • Implications of Bloomberg philanthropy funded initiatives such as SASB and the TCFD  Other C-level staff or head of department, specify

Subject area(s)

Chief Risk Officer, Chief Compliance Officer and Chief Investment Information Officer trained on: • Challenge of quantifying ESG • Climate risk • Evolving considerations for risk managers • The role of sustainable finance • Data challenges • Product development • Portfolio management process

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• Uptake of sustainable and responsible investing • Implications of Bloomberg philanthropy funded initiatives such as SASB and the TCFD  Analyst

Subject area(s)

• Group and one-on-one training • Engagement on bottom-up analysis of securities • Comparison of peer ESG performance • Combination of financial and ESG analysis at the company level • Thematic analysis of sustainable finance trends and factors • The evolution of sustainable and responsible investing • The Terminal’s ESG functionality and BNEF research and analysis  Portfolio manager

Subject area(s)

• Portfolio level ESG analytics and insights, e.g. portfolio carbon footprinting • Relevance of sustainable finance factors for the portfolio management process • Translation of ESG trends and factors into investment management considerations (e.g. understanding credit risk through an ESG lens) • Evolution of sustainable and responsible investing • The Terminal’s ESG functionality and BNEF research and analysis  Dedicated responsible investment staff

Subject area(s)

• Use of Bloomberg information and functionality to advance integration of dedicated RI staff into investment process • Access to third party sustainability information • Use of news and media features to support engagement • Controversy screening and other activities • Use and interpretation of ESG-specific analytical models • Training on the Terminal’s ESG functionality and BNEF research and analysis is a central part of this engagement  Investment committee  Other, specify (1) Corporate ESG and Energy Teams

Subject area(s)

• Peer benchmarking on ESG performance and disclosure • BNEF industry intelligence about energy procurement and technology adoption • Integration of ESG into the investor relations role  Other, specify (2)  No, we do not

SG 14 Mandatory Public Descriptive

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Describe how you align your organisation’s philosophy on and approach to ESG/RI with SG 14.1 investor goals.

 Yes Bloomberg’s core business is to provide transparency through data, news and analytics. We believe making data easily accessible, in a meaningful format and integrated into existing workflows, leads to more informed decision-making.

Bloomberg provides clients with standardized ESG data, market-leading news and the analytical tools to customize the integration of ESG into the investment process. The product is sufficiently flexible to enable ESG users to customize their analytical approach to identify the resources that best align with their mandate or inquiry. Bloomberg’s ESG and specialist teams engage with clients to evaluate the materiality of ESG issues based on their analytical and investment approach. Bloomberg facilitates its clients’ process of evaluating material factors in ESG performance by: 1. Offering quantitative analysis tools, such as security screening and portfolio analysis tools, on the Terminal to highlight which factors most impact or generate risk to company performance. 2. Providing qualitative research content on topics driving company financial and ESG performance and curating and selecting ESG data based on materiality for peer analysis on the Bloomberg Intelligence platform. 3. Engaging with reporting companies, Bloomberg clients and relevant stakeholders in the public, private and civil society sectors to advance reporting transparency and the role of materiality in investment decision-making about ESG factors.  This is not relevant for my organisation

SG 15 Mandatory Public Descriptive

Describe what steps you take, if any, when your ESG recommendations are not in line SG 15.1 with investor goals.

 Yes, we do take steps when our ESG recommendations are not in line with investor goals  This is not relevant for my organisation

SG 15.2 Additional information. [OPTIONAL]

Bloomberg analysts do not make buy or sell recommendations. Our product is agnostic and meant to help any investor formulate and execute a sustainable and responsible investment strategy driven by their own norms, values and goals.

SG 16 Mandatory Public Descriptive

Indicate whether you seek feedback from clients on your RI/ESG services and product SG 16.1 offerings

 Yes

SG 16.2 Describe how you use this feedback on your RI/ESG services and product offerings.

Bloomberg's global ESG product manager, Bloomberg Intelligence analysts, Sustainable Finance product strategists, the ESG data team and Bloomberg New Energy Finance analysts and managers regularly consult and collaborate with a wide spectrum of clients and partners on product development. This ongoing dialogue enables us to link our partners' and clients' responses to ESG integration directly with our provision of data, news, analytics and other media and information services. Some examples include:  Collaboration with CDP, ISS, Sustainalytics and RobecoSam to offer third-party ESG data and scores on the Bloomberg Terminal.

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 Bloomberg's observer status with the International Capital Markets Association (ICMA) Green Bonds Principles drove Bloomberg to create new green bonds fields representing the principles. These new fields are advancing transparency in the rapidly growing green bonds market.  Engagement with SASB has helped Bloomberg offer templates that map material ESG factors to existing ESG data disclosed by companies and third parties.  Acquisition of BRAIS - Barclays Risk Analytics and Index Solutions Ltd - added a number of sustainable finance related indices to our product offering, including the re-branded Bloomberg Barclays Fixed Income Index which includes the Bloomberg Barclays MSCI ESG family of indices as well as the Bloomberg Barclays MSCI Global Green Bond indices.

 No

SG 17 Mandatory Public Descriptive

Indicate whether your organisation has a policy for managing potential conflicts of SG 17.1 interest.

 Yes

SG 17.2 Describe how you manage potential conflicts of interest.

The Bloomberg General Standards of Conduct and Ethical Behavior, contained in the Human Resources Global Core Guide, sets out the standards we expect our employees to follow. It requires Bloomberg employees to conduct themselves and our business at the highest ethical standards, with integrity and within guidelines that prohibit actual or potential conflicts of interest or the perception of impropriety. The full text of the policy is provided on our intranet and as an appendix to our annual Impact Report. The policy provides clear channels for raising concerns internally. Employees can also raise concerns, ask questions or report misconduct using a hotline that is available 24 hours a day, 7 days a week. The numbers for the hotline are: +1 (212) 617 1595 or +1 (800) 777 7217. All calls are confidential and employees can remain anonymous.

Describe how you ensure that company employees do not derive any personal gain SG 17.3 from the use of information collected during your work process.

Bloomberg has a personal account dealing policy in place that prohibits trading of non-public confidential information, including any proprietary client information provided to Bloomberg. Bloomberg LP prohibits employees from short-selling for a profit within 30 days, and trading derivatives and in certain instances prohibits any trading without pre-clearance.

 No

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Bloomberg L.P.

Reported Information

Public version

Research and Data Provision

PRI disclaimer This document presents information reported directly by signatories. This information has not been audited by the PRI Secretariat or any other party acting on their behalf. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for any error or omission.

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Product level

RDP 01 Mandatory Public

RDP 01.1 Indicate your product type. Tick all that apply.

 Analysis  Benchmarking reports  Ratings  Raw data  Surveys  Other, specify We also provide news and expert opinions through Bloomberg Intelligence, News, and Media.

RDP 01.2 Indicate whether you make any of your products publically available.

 Yes, we do  No, we do not

Research/process level

RDP 02 Mandatory Public

Indicate the types of sources you use for research and/or ratings of companies. Tick all RDP 02.1 that apply.

 Independently collected data from public sources  Regulatory sources  Information from stakeholders and NGOs  Primary data (self-reported from companies)  Secondary data (from other research provider databases)  Other, specify (1) Metadata derived from News  Other, specify (2)  Other, specify (3)

RDP 03 Mandatory Public Descriptive

Describe how you actively include inputs and information, wherever possible, from RDP 03.1 relevant stakeholders or interested parties, in the research process or in reaching assessment conclusions.

Bloomberg regularly considers input from NGOs (e.g. SASB, GRI), Investor Relations (IR) teams at public companies issuing CSR reports and product users (e.g. investment community) in prioritizing the ESG data we gather and analyze. Below are a few examples of our stakeholder engagement: • Bloomberg Intelligence (BI) ESG Industry primers, rolled out in 2016, use metrics laid out by SASB 26

(Sustainability Accounting Standards Board) as a base for our research and inform ESG metrics displayed for each sector on the Terminal. • BI analysts participate on company socially responsible investment analyst calls and hold regular conferences and webinars to discuss data collection and industry reporting best-practices. • Bloomberg New Energy Finance (BNEF) maintains a comprehensive green bond data set. In addition to internal reviews, this data is reviewed quarterly with underwriters as an additional quality control measure; BNEF has NDAs with some of the largest issuers of consumer finance for energy efficiency and renewable energy installations, which allows us to aggregate individual loan data for in-depth analysis. • BNEF’s clean energy team works with hundreds of stakeholders across the industry to provide accurate asset level data on clean energy; the clean energy team conducts numerous pricing surveys where buyers and sellers submit pricing data confidentially, which is aggregated into an index that provides pricing transparency for clean energy technologies. • Bloomberg Sustainable Finance Product team’s collaboration with the National Association of Real Estate Investment Trusts (NAREIT) has helped revise our Real Estate Investment Trust (REIT) data sets. • We collaborated with Bank of America Merrill Lynch on their Green Bond Index.

RDP 04 Mandatory Public Descriptive

RDP 04.1 Indicate whether your research/rating methodology incorporates ESG factors.

 Yes, it systematically does

If yes, describe how ESG factors are incorporated into your research/rating RDP 04.2 methodology.

The Terminal integrates company ESG data and scores into the Bloomberg Fundamental Analysis (FA) screen to help investors leverage ESG data in their company analysis. We also offer several analytic functions and tools that integrate into an investor’s workflow: 1. Our ESG page offers investors the first opportunity to easily compare company reported sustainability performance over time, against peers and against third party ESG scores. The Relative Value function can be used to evaluate the performance of a company’s third-party ESG ranking scores (e.g. RobecoSAM) alongside key financial metrics relative to peers. 2. The Equity Screening (EQS) function helps screen equities against specific criteria (e.g. geography, industry and values-based or negative screening) and enables users to build custom models and scores combining financial data, ESG information and third party scores. 3. The Portfolio Analytics function (PORT) helps assess the ESG risks at the portfolio level and compare against a benchmark portfolio. Users can drill down to identify which sectors/companies may be driving the ESG performance of the portfolio. 4. Several Excel-based analytic models (XLTP) enable deeper evaluation of ESG risks (e.g. Portfolio Carbon Footprinting Tool, ESG Scorecard, Executive Compensation Analyzer, ESG Strategic Country Risk Tool).

Bloomberg Intelligence (BI) provides analysis on industries, companies and expert topics, delivering key data and interactive charting from BI analysts with an average of seventeen years of experience in their given industry. Topics include government, legal and regulatory issues, as well as environmental, social and governance (ESG) industry performance and trends. BI ESG also offers industry and topic primers to help investors easily identify material ESG risks and opportunities and separate the signals from the noise.

Bloomberg New Energy Finance (BNEF) conducts additional in-depth research on energy issues and provides unique analysis, tools and data for decision makers driving change in the energy system. BNEF’s sectoral products provide financial, economic and policy analysis, as well as news and a comprehensive database of assets, investments, companies and equipment in the clean energy space, while the regional products provide a comprehensive view on the transformation of the energy system by region.  Yes, it occasionally does  No, it does not

RDP 05 Mandatory Public Descriptive

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RDP 05.1 Describe how you ensure that your research and/or ratings capture material ESG issues.

The ESG fields that display on a company's ESG page are informed by SASB guidance on materiality and also take into account data availability and disclosure trends in the sector. We collaborated with SASB to map their materiality indicators to Bloomberg ESG data fields. A SASB excel template was created as a guide to help decision-making based on the most material ESG factors.

RDP 06 Mandatory Public Descriptive

Describe how you ensure your assessment of companies is up-to-date and that new RDP 06.1 information is incorporated or new assessments are conducted at reasonable intervals.

Company data is updated annually and on an additional ad-hoc basis if a company releases a new report with ESG data outside of its standard reporting cycle. We wait until all of a company's expected reports are released and process our ESG data at the same time. For example, companies typically will release their annual report 2-3 months after fiscal year, but the Corporate Social Responsibility (CSR) report often comes out several months after the annual report. In that case we will wait for the CSR report to be released and process all of a company's ESG data then. This system provides for maximum accuracy and efficiency and avoids seemingly painting a company as not reporting specific ESG data when in fact most of the data is reported at a later time.

The data team also conducts quality checks on the company data where anomalies or missing data may be the result of a company error and engages with the company to ensure we have the latest information.

We also provide real-time news alerts for 150 ESG topics, such as, environmental risks and opportunities, human rights, product responsibility, board independence and diversity.

RDP 07 Mandatory Public Descriptive

Indicate how you ensure a balanced approach to your research methodology and RDP 07.1 assessing/rating of companies. Tick all that apply and explain your approach to each option.

Type of indicators  Balancing quantitative and qualitative indicators

Explain your approach

We capture companies' quantitative performance on ESG metrics along with qualitative information about their ESG policies.  Balancing management/process oriented indicators and performance indicators

Explain your approach

While our emphasis is on performance metrics, our Green Bonds Principles indicators are a good example of capturing management processes.  Balancing reference to past and current performances, such as whether the company's performance is improving or deteriorating

Explain your approach

We capture company historical performance on each quantitative metric reported by the company to help investors make decisions based on the company's performance trajectory.

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 Balancing environmental, social and governance indicators

Explain your approach

We only evaluate companies on the level of ESG disclosure. The methodology evaluates a company based on the proportion of fields reported to the most relevant data points for each sector.  Balancing self-reported and public data  Other, specify (1)  Other, specify (2)  None of the above

RDP 08 Mandatory Public Descriptive

Describe how you ensure that your criteria and methodology are consistent and applied RDP 08.1 equally to comparable subjects of research.

Our methodology is consistently applied to all companies within a sector. In addition, Bloomberg Intelligence’s curation of most material data sets by industry shows where there is consistency in company reported data by sector.

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